You work hard. Enjoy this Labor Day weekend! You are appreciated.
Time to Celebrate!!!
The Realtor Code of Ethics
“Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of civilization.” These are the lofty words that open the Preamble of the Realtor Code of Ethics.
I have written about this topic before, but it was many years ago. It’s something I hold very dear and thought it would be a good time to revisit the information.
In 1908, when the National Association of Realtors was founded, real estate was very much the wild, wild West. Unregulated and without licensing requirements, there was a good deal of fraud and a ripe environment for con artists and Naredo wells. Edward Halsey, a chairperson in the NAR in 1908 said “We propose, if we can, to wipe out the riffraff that brings this business into disrepute.”
The Code of Ethics was first written in 1913. It is a living document that is changed and revised as times change. Along with the Preamble, it consists of 4 sections that also include Duties to Clients and Customers, Duties to the Public, and Duties to other Realtors. If I could sum it up simply, it requires that all Realtors be fair and honest in our dealings with all parties to a transaction.
I am really proud of the Code of Ethics. It truly does set a higher standard for my industry. All Realtors are required to take Code of Ethics training every two years. It is at the forefront of how I run by business and how I expect other Realtors to interact with myself and my clients.
Please know that when you are working with a Realtor, you are working with a professional bound to a higher standard.
Market Activity ~ July 25-31, 2022
Last week Lake Oswego saw 17 properties enter the market, 16 move to Pending status and 13 Sold/Closed. Right now there are 126 properties ranging from $188,000 to $11.5 Mil.
Here is the breakdown:
NEW July 25-31, 2022
| Address | List Price | Beds | Baths | SF | Prop Type |
| 5055 FOOTHILLS DR #79 | $429,900 | 3 | 2 | 1252 | CONDO |
| 5788 SW LANGFORD LN | $650,000 | 2 | 2 | 1598 | DETACHD |
| 13371 PETERS RD | $775,000 | 3 | 2.1 | 2295 | DETACHD |
| 18690 WOOD DUCK WAY | $775,000 | 3 | 2 | 1895 | DETACHD |
| 439 LIVINGOOD LN | $814,000 | 3 | 2.1 | 2540 | DETACHD |
| 17721 OVERLOOK CIR | $890,000 | 4 | 2.1 | 3172 | DETACHD |
| 39 TANGLEWOOD DR | $899,000 | 4 | 3 | 3167 | DETACHD |
| 2711 Greentree RD | $969,900 | 4 | 3 | 3241 | DETACHD |
| 346 LAKE BAY CT | $1,075,000 | 4 | 2.1 | 1900 | DETACHD |
| 18010 GIMLEY CT | $1,200,000 | 5 | 3.1 | 3652 | DETACHD |
| 165 FURNACE ST, Grnd | $1,299,999 | 2 | 2.1 | 2023 | CONDO |
| 4360 WEST BAY RD | $1,300,000 | 4 | 3 | 2636 | DETACHD |
| 17291 CEDAR RD | $1,650,000 | 5 | 4.1 | 2872 | DETACHD |
| 15791 TWIN FIR RD | $2,095,000 | 4 | 3.1 | 4035 | DETACHD |
| 1131 NORTHSHORE RD | $2,100,000 | 4 | 3 | 3850 | DETACHD |
| 162 BERWICK RD | $3,295,000 | 4 | 4.1 | 4657 | DETACHD |
| 13151 THOMA RD | $4,500,000 | 5 | 5.1 | 5461 | DETACHD |
PENDING July 25-31, 2022
| Address | List Price | Beds | Baths | SF | Prop Type | Days |
| 61 CHURCH ST | $240,000 | 2 | 1.1 | 1040 | ATTACHD | 3 |
| 3822 BOTTICELLI ST | $344,900 | 3 | 2 | 1171 | CONDO | 5 |
| 289 CERVANTES | $563,000 | 3 | 2.1 | 1406 | ATTACHD | 4 |
| 4268 WOODSIDE CIR | $589,900 | 4 | 2 | 1944 | ATTACHD | 33 |
| 16532 SW Mellon AVE | $625,000 | 4 | 1.1 | 1760 | DETACHD | 5 |
| 18690 WOOD DUCK WAY | $775,000 | 3 | 2 | 1895 | DETACHD | 0 |
| 16875 FERNWOOD DR | $780,000 | 4 | 2 | 2460 | DETACHD | 28 |
| 12562 SW ORCHARD HILL RD | $937,000 | 4 | 2.1 | 2574 | DETACHD | 5 |
| 2777 GLEN HAVEN RD | $1,200,000 | 3 | 2.1 | 2560 | DETACHD | 52 |
| 11 DA VINCI ST | $1,295,000 | 5 | 3.1 | 3770 | DETACHD | 46 |
| 14383 FOSBERG RD | $1,995,000 | 4 | 3.1 | 4543 | DETACHD | 79 |
| 15868 PARKER RD | $2,100,000 | 5 | 3.1 | 3679 | DETACHD | 33 |
| 1131 NORTHSHORE RD | $2,100,000 | 4 | 3 | 3850 | DETACHD | 2 |
| 1250 SW Englewood DR | $2,499,000 | 3 | 3.1 | 5097 | DETACHD | 11 |
| 4929 Park Bluff PL | $2,600,000 | 4 | 3.1 | 4067 | DETACHD | |
| 2493 SOUTHSHORE BLVD | $3,200,000 | 6 | 5.1 | 7561 | DETACHD | 292 |
SOLD July 25-31, 2022
| Address | Opening | Closed | Beds | Baths | SF | Prop Type | Days |
| 12868 BOONES FERRY RD | $495,000 | $500,000 | 2 | 2.1 | 1136 | CONDO | 18 |
| 885 MCVEY AVE | $569,000 | $570,000 | 3 | 1 | 1341 | DETACHD | 19 |
| 1561 WOODLAND TER | $825,000 | $790,000 | 3 | 2.1 | 2184 | DETACHD | 16 |
| 13160 PRINCETON CT | $949,000 | $825,000 | 4 | 2.1 | 3252 | DETACHD | 42 |
| 4965 MULHOLLAND DR | $775,000 | $827,500 | 2 | 2.1 | 2468 | ATTACHD | 2 |
| 1841 CLOVERLEAF RD | $825,000 | $832,000 | 5 | 3 | 2190 | DETACHD | 5 |
| 29 DEL PRADO ST | $1,050,000 | $1,044,000 | 4 | 2 | 3037 | DETACHD | 12 |
| 2964 OVERLOOK DR | $1,200,000 | $1,060,000 | 5 | 2.1 | 3731 | DETACHD | 30 |
| 7 SCARBOROUGH DR | $1,150,000 | $1,250,000 | 4 | 2.1 | 3314 | DETACHD | 1 |
| 1025 SCHUKART LN | $2,050,000 | $1,795,000 | 4 | 3 | 4233 | DETACHD | 44 |
| 3001 WESTVIEW CT | $1,850,000 | $1,805,000 | 4 | 3.1 | 4317 | DETACHD | 26 |
| 697 LAKE BAY CT | $2,595,000 | $2,150,000 | 4 | 4.1 | 3715 | DETACHD | 37 |
| 720 6TH ST | $2,300,000 | $2,200,000 | 4 | 3.1 | 4601 | DETACHD | 11 |
Market Activity July 4-10, 2022
Doing the market activity report for last week makes me feel like the market is very balanced. The volume of sales is very much like it was the last time that I did this report with nearly identical volumes of new listings, pending sales, and closed sales. This is a good environment for both buying and selling.
Last week in Lake Oswego there were 18 new listing that includes four that went into pending status that same week. There were 16 pending sales and 16 closed sales. As I said, very balanced.
See below for RMLS data.
New on the Market July 4-10, 2022
| Address | Type | Price | BR | Bath | Sq Feet |
| 47 Eagle Crest Dr #53 | Condo | $299,000 | 3 | 1 | 1024 |
| 3652 Spring Ln | Condo | $369,000 | 2 | 2 | 1117 |
| 4 Wheatherstone | Condo | $535,000 | 3 | 2.5 | 1692 |
| 15450 Stephanie Ct | Attached | $580,000 | 3 | 2.5 | 1662 |
| 15 Masaryk St | Detached | $675,000 | 4 | 3 | 3864 |
| 5757 Washington Ct | Detached | $695,000 | 4 | 1.5 | 1508 |
| 5 Partridge Ln | Detached | $799,000 | 3 | 2.5 | 2794 |
| 1765 Conifer Dr | Detached | $785,000 | 4 | 2 | 2335 |
| 18100 Bryant Rd | Detached | $990,000 | 3 | 1.5 | 1425 |
| 16 El Greco St | Detached | $1,035,000 | 4 | 2.5 | 2696 |
| 1775 Overlook Ln | Detached | $1,100,000 | 4 | 2.5 | 3198 |
| 1455 Nelson Ct | Detached | $1,149,000 | 4 | 2.5 | 2210 |
| 12943 SW Elk Rock Rd | Detached | $2,095,000 | 5 | 3.5 | 3537 |
| 15800 Oswego Shore Ct | Detached | $2,495,000 | 4 | 3.5 | 3995 |
Pending Sales July 4-10, 2022
| Address | Type | Price | BR | Baths | Sq Ft | CDOM |
| 4 Touchstone Dr #150 | Condo | $237,000 | 2 | 2 | 984 | 152 |
| 44 Eagle Crest Dr | Condo | $299,000 | 3 | 2 | 1085 | 1 |
| 4000 Carman Dr #35 | Condo | $300,000 | 2 | 2 | 869 | 5 |
| 1444 Laurel St | Detached | $515,000 | 2 | 1 | 900 | 1 |
| 4363 Woodside Circle | Attached | $581,950 | 3 | 2 | 1532 | 63 |
| 4268 Woodside Circle | Attached | $589,900 | 4 | 2 | 1944 | 17 |
| 16300 Reese Rd | Detached | $675,000 | 2 | 2 | 2100 | 8 |
| 2736 SW Orchard Hill Pl | Detached | $749,000 | 3 | 2.5 | 2556 | 4 |
| 700 Livingood Ln | Detached | $799,950 | 4 | 2.5 | 2692 | 9 |
| 23 Da Vinci St | Detached | $839,900 | 3 | 2.5 | 2063 | 3 |
| 4973 Sierra Vista Dr | Detached | $998,900 | 4 | 2.5 | 2810 | 2 |
| 17865 Sarah Hill Ln | Detached | $1,099,950 | 4 | 2.5 | 2871 | 72 |
| 1839 Palisades Lake Ct | Detached | $1,500,000 | 4 | 3.5 | 4570 | 21 |
| 688 6th St | Detached | $1,995,500 | 4 | 2.5 | 2939 | 27 |
| 5455 Childs Rd | Detached | $2,195,000 | 4 | 3.5 | 3870 | 28 |
| 4973 Parkhill St | Detached | $925,000 | 4 | 3 | 2230 | 23 |
Sold/Closed July 4-10, 2022
| Address | Type | List Price | Sold Price | Sq Feet | DOM |
| 668 McVey Ave #77 | Condo | $275,000 | $281,000 | 485 | 4 |
| 4 Touchstone #124 | Condo | $245,000 | $320,000 | 1351 | 45 |
| 1700 Yarmouth Circle | Detached | $725,000 | $712,250 | 1477 | 7 |
| 1797 Fern Pl | Detached | $714,900 | $730,000 | 1727 | 23 |
| 639 1st St | Attached | $749,900 | $749,900 | 1,391 | 9 |
| 5339 Amberwood Ct | Detached | $613,645 | $913,645 | 2943 | 0 |
| 5499 Royal Oaks Dr | Detached | $786,000 | $950,000 | 1817 | 3 |
| 659 Livingood Ln | Detached | $899,000 | $952,507 | 2692 | 9 |
| 10 Morningview Ln | Detached | $1,049,900 | $1,049,900 | 3848 | 11 |
| 17953 Saint Clair Dr | Detached | $1,299,900 | $1,225,000 | 5438 | 21 |
| 927 Oak St | Detached | $1,330,000 | $1,400,000 | 2864 | 2 |
| 4015 Canal Woods Ct | Detached | $1,295,000 | $1,450,000 | 3721 | 5 |
| 1281 Tyndall Ct | Detached | $1,674,000 | $1,717,000 | 4049 | 3 |
| 642 8th St | Detached | $1,995,000 | $1,995,000 | 3293 | 3 |
| 3015 Wembley Park Rd | Detached | $3,500,000 | $3,000,000 | 5211 | 50 |
| 1475 Chandler Rd | Detached | $3,495,000 | $3,450,000 | 4863 | 3 |
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.
Celebrate
As we celebrate Independence Day, and give thanks for all of the things we love about living in a free society and our beloved community, Dianne and I wish each of you a very happy day with friends and family. Thank you for being here at the Property Blotter with us. May your real estate dreams (and the rest of them!) come true~
Negotiating in this Market
Hello Property Blotter Readers! I thought I’d take the easy way out and cut & paste a section out of my own First Time Homebuyer’s Class for my post this week as I’m kind of busy with…real estate! When I looked at the section on Tips for Offering, I realized I think my own class document needs an update given the current state of the market! Here are a few things I realized I might like to address:
Love Letters- I’ve been writing these on behalf of my clients for many, many years, and have indeed won homes for my clients (been told) on the strength of the letters I wrote. I have never encouraged my clients to write their own letters as I believe it is a stronger position for me to advocate on their behalf. That said, my focus is always their strength as Buyers and whatever they bring to the table in terms of job stability, their actual love of the particular home/property (read: commitment), and other such things. I definitely do not use photos of the Buyers. There is a big debate going on around the issue of these letters (mainly the ones Buyers write about themselves), and it revolves around Fair Housing concerns. This has gotten to the point where they were outlawed for a time, and now that has been overturned and they are again allowed (as of this writing). NOTE: It is never OK to try to appeal to a perception of a Seller’s preference for race, gender, familial status or other protected class positions. Never. So, if you’re ever in the position of deciding whether to deliver such a letter, please keep this in mind, and consult with me! Or your Realtor ; )
Lower Offers (and how best to make them)- Well… this one is just nearly N/A in the current market. I say “nearly” as it does happen, but usually not at the outset unless a property has been sitting on the market for what is considered a longer period of time or if it was priced too high to begin with (which is usually why a property is still on the market). It *can* happen that the price goes down after certain things are revealed in the inspection process to compensate, but most properties are selling above their asking price, & often well above.
How to Win- It has been the case for awhile that multiple offers have driven prices up significantly over asking, and/but we think we are seeing a teensy bit of pullback in at least the amount of overage. This is more due to Buyers backing off than to more properties entering the market as we still see record-low Inventory. The way this has been playing out in a “multiple” bidding situation to date, is that the Offers guaranteeing they’ll bring a certain amount of cash to the Closing table in the event of a lower Appraisal are the Offers that get chosen as it’s less risk/more reliable for a Seller. (*Little understood fact, fyi: The “Closed” sale price effectively sets a new value standard in the neighborhood regardless of what it appraised at during the transaction. ; ) This tactic is obviously limited to those who *have * the cash to do that, and the whole scenario is part of what’s driving the angst /frustration around this supply and demand phenomenon and how it affects, say, first-time home-buyers. Considering the fierce competition driving prices higher, Appraisers and Realtors alike have been wishing for a calmer, more “readable/predictable” market, and several factors *may* be causing this to be the case very soon. In the meantime, there are ways to win even if you don’t have the cash…or don’t think you do. One is to look in a lower price range than you want to buy in. This way you are able/have the means to at least push your Offer price over the heads of much of the competition. There are a few other things you can do to get an edge, but we can talk about those one-on -one ; )
Portland Real Estate Stats + LO – April 2022
Overview/Fluctuations ~ Market Data: Inventory inched up just a bit in April, and the comparisons to last year and the previous month’s data remain similar to the month before…down over last year, slightly up generally from the prior month, except for Pending Sales which are down a slight 1.3%. See below for more details on that. Total market time is down to 21 days, so activity is up as you’d expect in springtime & plenty of people are out looking for a limited number of homes. Rates continue to rise, so some of the less-than-typical/less-than-robust activity is traceable to that and to the low inventory that persists. It’ll be interesting to see May numbers, as anecdotally, Agents are noticing slowing and a bit of a pause in that usual Buyer-excitement cycle that distinguishes this time of year.
Rates: “We have seen continued pressure on rates as the Federal Reserve fights inflation. A 30-year fixed is at roughly 5.375%” Gary Boyer, Regional VP, Directors Mortgage
According to the RMLS Market Action Report for the Portland Metro Area-April 2022:
- There were 3,684 New Listings in April 2022 decreased 9.4% from April of 2021’s 4,065, and increased 4.6% from the previous month/March’s 3,521.
- At 2,782 April 2022’s Closed Sales are down 5.6% from April 2021’s 2,946, and up 3.7% from the previous month/March’s 2022’s total of 2,683
- At 3,005 April 2022’s Pending Sales are down 11.6% from April 2021’s 3,400, and down slightly at 1.3% below the previous month/March2022’s total of 3,045.
- The Average Sale Price in April 2022 of $632,900 is up $75,000 from last year/April 2021’s $557,900, and up $22,000 from the previous month/March’s $610,900.
- The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2022 of $560,000 rose from last year/April 2021’s $500,000 by $60,000, and $10,000 from the previous month/March’s $550,000.
LAKE OSWEGO:
103 Active Listings (Mar 96)
169 New Listings (Mar 171)
144 Pending Sales (Mar 119)
133 Closed Sales (Mar 102)
Average Sale Price for March: $998,600 (Mar $1,092,200)
NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month. Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
26 Days on the Market (Mar 31)
Planning for Home Improvement Projects
Taking on home remodeling is a big task. It’s extremely disruptive to any home, but making some basic plans will really help. Here are 7 suggestions to make your project go as smoothly as possible.
- Put yourself in a mind set to be patient. Get recommendations for contractors from people you know. If they’ve had a good experience, you are also likely to have a good experience. In addition, Linda and I can be a resource. Plan to be patient. Good contractors book out well in advance.
- Consider renting some storage space. One of the biggest delays in a construction project is erratic or delayed delivery times. With good planning you can purchase materials in advance and store them so that they are readily available at the time that they are needed.
- Get creative. If wood lengths are unavailable, buy longer pieces and cut them down to fabricate unavailable lengths.
- Scale back. With the soaring cost of materials (up 400% at its peak) many contractors are writing into their contracts that the homeowner will absorb price changes. So consider doing a modified, smaller project so that you don’t get caught spending more than you had planned
5. Use reclaimed materials. It can add charm, be more affordable, and contribute to sustainability
6. Think out of the box. Perhaps your project can be accomplished using a pre-fab accessory dwelling unity. There are fewer supply chain issues with these buildings and they can easily be used as an office, bonus room, or additional bedroom.
7. There is no longer an off season. Good contractors are in high demand year around. Every season of the year is busy. To deal with this, go back to number 1. Patience, patience, patience.
Thanks for reading the blotter!
Dianne
Here’s to Rebirth, Renewal and Community
Happy Easter, Passover & Ramadan! No matter what your tradition, this is a special time of year that everyone seems to recognize as symbolic of new beginnings. Dianne and I wish you all Good things, and the Peace that comes from gathering with loved-ones.
Sweet Condo in Mountain Park
(Pics below) Every once in awhile a little gem comes along and we like to spotlight it for our readers. This one is situated in Mountain Park with high & vaulted ceilings and soaring windows in a wooded setting. It’s just a couple steps down from your deeded parking space to a cozy porch with a view, or enter through your attached garage. Two stories with the bedrooms on the main level and the airy living space downstairs. The Owner just updated nearly all the flooring, and the light hickory wood floors are such a gorgeous break from all those dark plank ones we see so often! Really brightens everything up and the walls of windows don’t hurt either. There is a deck off the dining room and a balcony off the huge primary bedroom with double closets and a sink in the suite itself. The other bedroom is lofted and has french doors, so it could serve either as a bedroom or a really sweet home office. The views out each window are just so peaceful, and the kitchen with it’s marmoleum floors has a pantry and an eating bar, with a laundry room off of it. All of that and a fireplace for curling up on those wintry evenings. Check it out! ML# 22181391 – 213 Cervantes, Lake Oswego 1216SF $329,000
